International Bancshares Corporation Announces Cash Dividend Increase

Rhea-AI Summary

International Bancshares Corporation (NASDAQ: IBOC) declared a cash dividend of .63 cents per share, an increase of 5% from the previous dividend. This dividend is for shareholders of record as of February 15, 2023 and will be paid on February 28, 2023. The decision reflects IBC's strong financial performance, bolstered by a robust capital position and significant liquidity, alongside over fifty-six years of positive earnings. The company aims to enhance shareholder value through responsible management and sustainable growth.

Positive

• Dividend increased by 5% to .63 cents per share, reflecting strong financial health.
• Continued positive earnings over more than fifty-six years, indicating stability and reliability.
• Strong capital position and significant liquidity enhance investor confidence.

Negative

• None.

LAREDO, Texas--(BUSINESS WIRE)-- International Bancshares Corporation (NASDAQ: IBOC) announced today that on January 31, 2023, IBC’s Board of Directors approved the declaration of a .63 cents per share cash dividend for shareholders of record of Common Stock, $1.00 par value, as of the close of business on February 15, 2023, payable on February 28, 2023. This dividend represents a 5%, or .03 cents per share, increase above IBC’s previous dividend paid on August 29, 2022. “This discretionary cash dividend was made possible because of our Company’s continued record of superior financial results. Adding to this strong performance is our exceptionally strong capital position, significant liquidity, and more than fifty-six years of positive earnings. We remain committed to continue to manage our Company responsibly to position us for continued success and to enhance the value of our Company for our shareholders,” said Dennis E. Nixon, president and CEO of IBC.

IBC is a multi-bank financial holding company headquartered in Laredo, Texas, with approximately $16.0 billion in total assets and 167 facilities and 257 ATMs serving 75 communities in Texas and Oklahoma.

“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts contain forward-looking information with respect to plans, projections or future performance of IBC and its subsidiaries, the occurrence of which involve certain risks and uncertainties detailed in IBC’s filings with the Securities and Exchange Commission.

Copies of IBC’s SEC filings and Annual Report (as an exhibit to the 10-K) may be downloaded from the SEC filings site located at http://www.sec.gov/edgar.shtml or IBC’s website at http://www.ibc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230201005742/en/

Judith Wawroski

Treasurer and Principal Financial Officer

International Bancshares Corporation

(956) 722-7611 (Laredo)

Source: International Bancshares Corporation

FAQ

What is the dividend amount declared by IBOC?

International Bancshares Corporation declared a cash dividend of .63 cents per share.

When is the dividend payable for IBOC?

The dividend for IBOC is payable on February 28, 2023.

What is the record date for IBOC's dividend?

The record date for IBOC's dividend is February 15, 2023.

What factors contributed to IBOC's dividend increase?

The increase in IBOC's dividend was supported by superior financial results and a strong capital position.